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Daily Base Metals Report

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Equity markets remain supported despite the U.K. and New York having their highest amount of deaths yet. After yesterday’s stellar performance, equity futures continued to gain ground this morning. When the U.S. markets opened, this momentum was maintained, and the DOW and S&P 500 have gained 3.10% and 2.12% respectively, at the time of writing. Unsurprisingly, small business optimism in the U.S. declined to 96.5 from 104.5 the month prior. No coronavirus deaths in China has buoyed market sentiment on the LME as demand from China improved. Copper prices gained $161 to close at $5,040/t, cash to 3s weakened to -$21.25/t. Lead was the next big mover, up $55 to close at $1,736.5/t, the spreads were moderately firmer but remained in contango. Zinc and nickel were also bid today closing above key resistance levels, at $,1,924/t and $11,471/t respectively.

Gold pared some of yesterday’s gains, trading at $1,656/oz at the time of writing. Oil has weakened this afternoon as DOE stocks showed another w/w inventory build, WTI and Brent trade at $26.29/bl and $33.17/bl respectively.

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This is a marketing communication. The information in this report is provided solely for informational purposes and should not be regarded as a recommendation to buy, sell or otherwise deal in any particular investment. Please be aware that, where any views have been expressed in this report, the author of this report may have had many, varied views over the past 12 months, including contrary views.

A large number of views are being generated at all times and these may change quickly. Any valuations or underlying assumptions made are solely based upon the author’s market knowledge and experience.

Please contact the author should you require a copy of any previous reports for comparative purposes. Furthermore, the information in this report has not been prepared in accordance with legal requirements designed to promote the independence of investment research. All information in this report is obtained from sources believed to be reliable and we make no representation as to its completeness or accuracy.

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